ABOITIZ POWER Corp. (AboitizPower) expects to close 2024 with a strong performance, driven by new capacities coming from its power plants and improvements in infrastructure, its president said.
“We’ve got immense availability, more capacity coming online, growth in our distribution business, improvements in our infrastructure. So many small things all adding up,” AboitizPower President and Chief Executive Officer Danel C. Aboitiz told reporters last week.
For the nine months ending in September, AboitizPower registered an attributable net income of P27.27 billion, up 2% from last year’s P26.74 billion.
Gross revenues declined by 4% to P154.64 billion from P148.32 billion a year ago.
Given the positive earnings for the nine-month period, the AboitizPower executive expects the company’s growth momentum to continue toward the end of the year.
“I think we’ll meet our targets, and I think we’ll exceed the consensus of the analysts,” Mr. Aboitiz said.
For 2024, AboitizPower has earmarked P73 billion in capital expenditures (capex), more than double the P26 billion last year.
Of the total, 72% of the capex is allocated for its renewable energy pipeline.
The company has set a growth strategy of adding 3,700 megawatts (MW) of new renewable energy capacity en route to 4,600 MW by 2030.
As part of the initial phase of 1,200 MW, the company energized its 17-MW binary geothermal power plant in Tiwi, Albay, and the 159-MW solar plant in Laoag, Pangasinan.
The rest of the P73-billion budget for 2024 is allocated towards further improving the reliability of AboitizPower’s baseload power plants, land acquisition, and new substations and meters for its distribution business.
At present, the company has around 3,962.25 MW of total attributable net sellable capacity.— Sheldeen Joy Talavera
